Nisa Investment Advisors LLC Cuts Position in IDACORP, Inc. (NYSE:IDA)

Nisa Investment Advisors LLC lessened its position in IDACORP, Inc. (NYSE:IDA) by 8.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 99,297 shares of the energy company’s stock after selling 9,700 shares during the quarter. Nisa Investment Advisors LLC’s holdings in IDACORP were worth $10,237,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its position in shares of IDACORP by 59.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock valued at $36,356,000 after purchasing an additional 145,316 shares during the last quarter. State of Michigan Retirement System raised its stake in shares of IDACORP by 2.5% during the first quarter. State of Michigan Retirement System now owns 12,420 shares of the energy company’s stock worth $1,154,000 after acquiring an additional 300 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of IDACORP by 13.8% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,210 shares of the energy company’s stock worth $298,000 after acquiring an additional 390 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of IDACORP by 6.6% in the 1st quarter. Commonwealth Equity Services LLC now owns 19,127 shares of the energy company’s stock valued at $1,777,000 after purchasing an additional 1,185 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of IDACORP by 42.4% during the 1st quarter. BNP Paribas Financial Markets now owns 11,635 shares of the energy company’s stock valued at $1,081,000 after purchasing an additional 3,464 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Stock Performance

Shares of IDA stock opened at $102.16 on Thursday. The firm has a market capitalization of $5.44 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 3.49 and a beta of 0.60. The stock has a fifty day moving average of $102.81 and a 200 day moving average of $98.11. IDACORP, Inc. has a 52 week low of $86.43 and a 52 week high of $105.25. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. The firm had revenue of $451.04 million for the quarter, compared to analyst estimates of $420.56 million. During the same quarter in the previous year, the firm posted $1.35 EPS. As a group, research analysts expect that IDACORP, Inc. will post 5.38 earnings per share for the current year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.37%. IDACORP’s dividend payout ratio is 69.08%.

Wall Street Analyst Weigh In

Several analysts have issued reports on IDA shares. StockNews.com upgraded shares of IDACORP from a “sell” rating to a “hold” rating in a research report on Tuesday. Bank of America initiated coverage on IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price for the company. Jefferies Financial Group began coverage on IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target on the stock. Wells Fargo & Company boosted their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Finally, Morgan Stanley raised their target price on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $104.83.

IDACORP Profile

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.